Warnerwoods Company uses a perpetual inventory system. It
entered into the following purchases and sales transactions for March.
>
Mar. 1 Beginning
inventory 160
units @ $52.20 per unit
Mar. 5 Purchase
255
units @ $57.20 per unit
Mar. 9 Sales
320
units @ $87.20 per unit
Mar. 18 Purchase
115
units @ $62.20 per unit
Mar. 25 Purchase
210
units @ $64.20 per unit
Mar. 29 Sales
190
units @ $97.20 per unit
Totals
740
units 510 units
Required:
1. Compute cost of goods available for sale and the number
of units available for sale.
2. Compute the number of units in ending inventory.
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase
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